AXA announced today that it had entered into an agreement to sell its whole of market intermediary, Health and Protection Solutions Ltd (trading as "The Health Insurance Group"). The transaction is expected to complete in the second quarter, subject to regulatory approvals.

The Health Insurance Group is a leading whole of market healthcare broker, providing health and wellbeing solutions to both individuals and businesses.

Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP) will acquire The Health Insurance Group into a jointly owned entity (Nevada Investments Topco). Both HPS and MDP are leading US private equity firms with a growing portfolio of leading UK broking brands, including a major shareholding within The Ardonagh Group.

"The Health Insurance Group joined AXA in 2008 and, in the past ten years, has formed a strong part of our business. However, as part of AXA's strategy in the UK, we have concluded that whole of market intermediaries who offer advised sales are best placed within businesses focussed on distribution, and this transaction will allow The Health Insurance Group to form part of a portfolio of leading broking businesses. We look forward to continuing to work closely with THIG to provide AXA PPP solutions for their customers." [Keith Gibbs, Chief Executive, AXA PPP healthcare]

"We can confirm we are currently finalising the purchase of The Health Insurance Group from AXA. As an award winning independent health insurance and wellbeing broker with a strong track record of growth, THIG will be an ideal addition to our growing portfolio of UK insurance assets." [Matthew Raino, Managing Director, MDP]